VOL. 126 | NO. 34 | Friday, February 18, 2011
Memphis Owner of Vegas B.B. King Club Files Bankruptcy
By Bill Dries
The Memphis company that owns B.B. King Blues Club in Las Vegas has filed for bankruptcy protection in Memphis federal court. Beale Street Blues Co. Las Vegas LLC Wednesday filed for Chapter 11 bankruptcy reorganization, according to The Daily News Online, www.memphisdailynews.com.
The largest unsecured creditor listed in the filing is Beale Street Blues Co. Inc., 143 Beale St., which claims it is owed $2.5 million. The other unsecured creditors are contractors from other states and vendors from California and Nevada, as well as the state of Nevada, which collects taxes on the club.
Beale Street Blues Las Vegas claims assets of $2.5 million and liabilities of $3.8 million. The club, named for the blues legend B.B. King, is one of five across the country including the original in Memphis.
The Vegas club is in The Mirage, which is among the unsecured creditors listed with an indication that the amount is disputed.
The other clubs, which like Memphis are not directly affected, are in Orlando, Fla., Nashville and West Palm Beach, Fla.
Reorganization allows the business to adjust its operations under court protection while continuing to operate.
The club’s attorney could not be reached for comment by press time.